Naspers sets aside billion dollar purse for India

Mar 16, 2019 by The Passage Team

Naspers Ltd is looking to spend around USD 1 billion in India this year, sources said.

At present, the South Africa-headquartered company is in talks to pump around USD 200 million into business loan provider Capital Float and payments security firm Wimbo.

Naspers is the major shareholder in China’s Tencent Holdings. Rising smartphone adoption has led to explosive growth in fintech and e-commerce in India and a host of local startups are competing with US giants Amazon, Google and Facebook for a piece of the action.

Some of Naspers’ biggest Indian investments have focused on food delivery. It took some of the proceeds from selling down its Tencent holding to lead a USD 1 billion funding round for Bangalore-based online food company Swiggy in December.

Part of this year’s USD 1 billion Indian investment drive could see Naspers increase its presence in food delivery.

Naspers shares have gained 13% this year, valuing the company at 1.4 trillion rand (USD97 billion). The group spun off Africa pay-TV provider MultiChoice Group Ltd. last month to focus on its internet and technology investments.

The Passage Team

The Passage is committed to creating in-depth content over technology industry across Asia with a focus on emerging startups in the technology, healthcare, education, food, tech, travel & mobility segments.